On the validity of the first-order approach with moral hazard and hidden assets

被引：2
|
作者：
Bertola, Giuseppe [1 ,3 ,4 ,5 ]
Koeniger, Winfried [2 ,3 ,4 ,6 ]
机构：
[1] Edhec Business Sch, F-06202 Nice 3, France
[2] Univ St Gallen, Swiss Inst Empir Econ Res, Gallen, Switzerland
[3] CEPR, London, England
[4] CESifo, Munich, Germany
[5] CFS, Frankfurt, Germany
[6] IZA, Bonn, Germany
来源：
ECONOMICS LETTERS | 2014年 / 124卷 / 03期
关键词：
Hidden action; Hidden assets; Principal agent; First-order approach; PRINCIPAL-AGENT PROBLEMS; INSURANCE; TAXATION; INCOME;
D O I：
10.1016/j.econlet.2014.06.030
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard procedure for establishing validity of the first-order approach in economies with one hidden asset is not fruitful when multiple assets are hidden. (C) 2014 Elsevier B.V. All rights reserved.
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页码：402 / 405
页数：4
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